Huntington Leases 20 Years to Gain Signage

CLEVELAND-Huntington Bank has signed a large lease at 200 Public Sq., the former BP Tower, taking 100,000 square feet and filling a hole left by the oil company a few years ago. The bank agreed to a 20-year lease, in part to gain naming rights on the 1.3-million-square-foot building, a facility that’s featured as one of the main buildings seen during TV broadcasts for events such as NFL games. “It won’t be called the Huntington Building, that was clear in our negotiations,” says Alex Jelepis with Grubb & Ellis, which represents building owner Harbor Group International LLC. “They wanted to do 10 years, but we insisted that they commit for 20 years if they wanted signage.” However, Huntington won’t move in for at least two years.

The bank is moving its regional headquarters from the current Huntington Building on Euclid Avenue, leaving more space, and less expensive, for a smaller collection of offices at a slightly higher rental rate. Jelepis says the lease rates in 200 Public Sq. range from $22 to $25 per square foot.

Standard Oil had occupied about 75% of the building when it was opened in 1985. After BP took over, the company gradually moved out of the space, only leasing about 305,000 square feet in 1996. The oil firm moved out of Cleveland in 1998, but still had its lease until 2009, and attempted to sublease its offices. However, as time passed, it became harder to find a tenant, Jelepis says. “The space became less and less attractive to big users who didn’t want to move in for only two years,” he says. So, BP bought out the lease a year early, he says, just recently making the last rent payment. “That allowed us a good opportunity to make a deal,” Jelepis says.